A massive deregulation decree is coming in Argentina, led by the government of Javier Milei, to liberalize the country's economy.
Although it is not known precisely how far the massive decree will go, according to various reports from local media, the plan, which has the word "repeal" in its title, contains about 300 pages. It will seek to privatize state companies to convert them into public limited companies (SA), repeal the Rental Law and establish reforms for social works, transportation and medicine.
Con @daianamol fuimos a lo de @fedesturze a ver el titánico trabajo de revisión legislativa que hizo durante 2 años. A la izquierda las leyes a derogar, a la derecha las que hay que modificar (y sus modificaciones). El nudo gordiano de este país. Hermoso laburo. Quedé manija. pic.twitter.com/LIg4D3CwSe
— Alejandro Bongiovanni (@alejobongio) September 7, 2023
Likewise, it is presumed that the measure will seek to extend the 2023 budget and promote profound economic deregulation, including measures such as price liberalization and tax simplification.
According to reports, Milei will seek to deregulate a total of 2,000 laws. This is after his Minister of Economy, Luis Caputo, announced last Wednesday 10 urgent economic measures that include the price of the dollar being "honest" against the Argentine peso, some subsidies being lowered and a notable reduction of the State to control the fiscal deficit.
The most complex part of the plan, so far, is to generate consensus on the labor reform among the allies of the libertarian president since it is the most delicate measure of the mega decree because it could cause a reaction from union groups and progressive movements critical of the Milei administration.
Sources close to La Libertad Avanza, Milei's party, said that the "Deróguese" mega decree is the most important deregulatory plan of the last 32 years for Argentina, only comparable to the anti-inflationary shock decree signed by former Peronist President Carlos Saúl Menem in 1991.
A source from La Libertad Avanza explained to Voz Media that many of the measures in the massive decree can be enacted directly by the president. However, some issues must go through the Argentine Congress, so Milei is expected to call extraordinary sessions of the legislative branch to discuss economic, political and tax reforms.
The decree is expected to be announced in the Official Gazette next week.
This is a developing story.
